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English definition of “interest rate”

interest rate

noun [C] uk   us  
the interest percent that a bank or other financial company charges you when you borrow money, or the interest percent it pays you when you keep money in an account: high/low interest rates The bank has plans to cut/raise interest rates.Borrowing, lending and debtEconomics and the state of the economySaving and savings accountsSavings, interest and capital
(Definition of interest rate from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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